The Corporate Transparency Act (CTA) requires many US businesses, including LLCs, to report Beneficial Ownership Information (BOI) to FinCEN. Virtual assistants can play a crucial role in helping clients comply. Key deadlines vary: existing companies (pre-2024) must file by January 1, 2025; companies formed in 2024 have 90 days; and those formed from 2025 onwards have 30 days. Anyone authorized by the company, including a VA, can file the report, but must certify its accuracy. Essential information to collect includes company details, beneficial owner information (name, DOB, address, ID), and company applicant details. Virtual assistants should use secure methods for data collection and storage, obtain written authorization from clients, and be aware of state-specific requirements. FinCEN offers an Outreach and Education Toolkit with templates to assist with client communications.
